Pali Research Maintains 'Buy' Rating on Sina Corp (SINA), but Slashes Earnings Estimates and Price Target
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Pali Research maintains a 'Buy' rating on Sina Corporation (Nasdaq: SINA), but slashes estimates and price target from $75 to $38.
Pali analyst says, "We recently conducted an informal survey of Chinese business owners. While a majority of the owners said they have not felt any slowdown in their businesses, we walked away sensing a significant change in their mentality – the mentality now being cash is king and not spending. We do not know how long this mentality will last. However, we believe that before a significant rebound in China’s economy (we expect a rebound in 2H09), business owners could be very cautious with their money...Risks Include: 1) intense competition, 2) macroeconomic risk, 3) regulatory risk, and 4) management risk."
SINA Corporation (SINA) is an online media company and value-added information services provider in the People’s Republic of China and for Chinese communities worldwide.
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